By Adriano Marchese
New Fortress Energy has divested its natural gas assets and operations in Jamaica for $1.06 billion to Texas-based Excelerate Energy.
The sale consists of the LNG import terminal in Montego Bay as well as an offshore floating storage and regasification terminal in Old Harbour, the company said Thursday. It also includes a 150 megawatt combined heat and power plant in Clarendon and its associated infrastructure.
Chairman and Chief Executive Wes Edens said that the move to exit Jamaica is part of the company's plan to streamline operations.
For Excelerate, the acquisition is a critical step in expanding its presence in the Atlantic basin.
"It will expand and diversify our platform, while positioning Excelerate as the key provider of essential LNG import infrastructure in a desirable and growing Atlantic basin natural gas market," Excelerate's Chief Executive, Steven Kobos, said.
Kobos said that the acquisition enhances Excelerates's financial profile, providing predictable, long-term cash flows at stable margins.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
By Adriano Marchese
New Fortress Energy has divested its natural gas assets and operations in Jamaica for $1.06 billion to Texas-based Excelerate Energy.
The sale consists of the LNG import terminal in Montego Bay as well as an offshore floating storage and regasification terminal in Old Harbour, the company said Thursday. It also includes a 150 megawatt combined heat and power plant in Clarendon and its associated infrastructure.
Chairman and Chief Executive Wes Edens said that the move to exit Jamaica is part of the company's plan to streamline operations.
For Excelerate, the acquisition is a critical step in expanding its presence in the Atlantic basin.
"It will expand and diversify our platform, while positioning Excelerate as the key provider of essential LNG import infrastructure in a desirable and growing Atlantic basin natural gas market," Excelerate's Chief Executive, Steven Kobos, said.
Kobos said that the acquisition enhances Excelerates's financial profile, providing predictable, long-term cash flows at stable margins.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 27, 2025 07:10 ET (11:10 GMT)
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